PNC Financial Services Group Inc. Increases Stake in Caterpillar Inc. (NYSE:CAT)

PNC Financial Services Group Inc. lifted its position in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 1.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 413,719 shares of the industrial products company's stock after acquiring an additional 7,118 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.09% of Caterpillar worth $161,814,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Acadian Asset Management LLC lifted its stake in shares of Caterpillar by 17.2% during the 1st quarter. Acadian Asset Management LLC now owns 9,037 shares of the industrial products company's stock valued at $3,308,000 after buying an additional 1,327 shares in the last quarter. Alpha Cubed Investments LLC lifted its position in shares of Caterpillar by 5.6% during the third quarter. Alpha Cubed Investments LLC now owns 116,566 shares of the industrial products company's stock worth $45,591,000 after acquiring an additional 6,212 shares in the last quarter. First Affirmative Financial Network bought a new position in shares of Caterpillar in the third quarter worth $204,000. Inspire Advisors LLC raised its stake in shares of Caterpillar by 25.8% during the 3rd quarter. Inspire Advisors LLC now owns 8,266 shares of the industrial products company's stock valued at $3,233,000 after purchasing an additional 1,694 shares during the period. Finally, Jackson Square Capital LLC lifted its holdings in Caterpillar by 33.7% during the 3rd quarter. Jackson Square Capital LLC now owns 16,581 shares of the industrial products company's stock worth $6,485,000 after purchasing an additional 4,182 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors.

Caterpillar Stock Down 0.2 %

Shares of NYSE CAT traded down $0.89 during midday trading on Wednesday, hitting $381.44. The stock had a trading volume of 1,859,592 shares, compared to its average volume of 2,602,442. The company has a market cap of $184.16 billion, a P/E ratio of 17.65, a PEG ratio of 1.90 and a beta of 1.10. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.33. The business's 50 day moving average is $383.83 and its 200-day moving average is $355.03. Caterpillar Inc. has a 52 week low of $241.81 and a 52 week high of $418.50.

Caterpillar (NYSE:CAT - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $5.17 earnings per share for the quarter, missing the consensus estimate of $5.33 by ($0.16). Caterpillar had a return on equity of 59.09% and a net margin of 16.26%. The business had revenue of $16.11 billion during the quarter, compared to analysts' expectations of $16.37 billion. During the same quarter in the prior year, the firm earned $5.52 EPS. The firm's revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, analysts predict that Caterpillar Inc. will post 21.68 EPS for the current year.

Caterpillar Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Monday, October 21st will be issued a dividend of $1.41 per share. The ex-dividend date of this dividend is Monday, October 21st. This represents a $5.64 annualized dividend and a dividend yield of 1.48%. Caterpillar's payout ratio is 26.15%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CAT shares. Truist Financial raised their price objective on shares of Caterpillar from $399.00 to $456.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Morgan Stanley cut Caterpillar from an "equal weight" rating to an "underweight" rating and reduced their price objective for the company from $349.00 to $332.00 in a research note on Monday, October 14th. Robert W. Baird upped their price objective on shares of Caterpillar from $299.00 to $300.00 and gave the company an "underperform" rating in a research note on Thursday, October 31st. Citigroup reduced their price target on Caterpillar from $445.00 to $435.00 and set a "buy" rating on the stock in a report on Thursday, October 31st. Finally, Barclays increased their price objective on Caterpillar from $315.00 to $335.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 7th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $365.33.

Insider Buying and Selling

In other news, insider Anthony D. Fassino sold 3,185 shares of Caterpillar stock in a transaction on Friday, August 30th. The shares were sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the transaction, the insider now owns 33,442 shares in the company, valued at $11,750,181.12. This trade represents a 8.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Cheryl H. Johnson sold 2,975 shares of the company's stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total value of $1,018,878.00. Following the completion of the sale, the insider now owns 15,615 shares of the company's stock, valued at $5,347,825.20. This trade represents a 16.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,749 shares of company stock worth $9,251,912. 0.29% of the stock is owned by insiders.

Caterpillar Profile

Caterpillar Inc manufactures and sells construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in worldwide. Its Construction Industries segment offers asphalt pavers, compactors, road reclaimers, forestry machines, cold planers, material handlers, track-type tractors, excavators, telehandlers, motor graders, and pipelayers; compact track, wheel, track-type, backhoe, and skid steer loaders; and related parts and tools.